The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1887-01-14
The world is M.rtxascd.
From the Iowa State Registe:

From the Iowa State Register.
A person in Nebraska writes to an
eastern paper:
Fully two-thirds of the farmers have
mortgages on almost everything they
have on their farms--cattle, horses,
grain, etc.-in fact the curse of these
beautiful statesis mortgages
This is not only true of Nebraska. but
it is applicable to every State, and it is
especially SO in cities. Nearly all of the
city property has personal mortgage
on it, but it probably has previous pub
lie mortgage in the shape of city debt.
There is bad mania for city improve
ments, faster than it's inhabitants are
well able to pay, and they are ready and
greedy to borrow money or get work
done on credit, creating public debt
which the property Of the city is not
only bound for. but the personal and
real property of individuals can be taken
and sold by Sheriff or Marshall to pay
the public debt. All of the courts sus-
tain this position. There is scarcely a
citv of any size in the United States
which will ever be out of debt, but when
due will be renewed perpetually. saddling
onerous taxes on their inhabitants for
hundreds or thousands of years.
Cities are not only thus encumbered,
but farmers are extremely greedy to go
into debt Those not familiar with the
public records have no idea of the in
debtedness of the farmers of this State.
There is scarcely town in the State but
what has loan agency where foreign
capital is deposited to invest in farm
mortgages This is the popular field for
investment, and capital is more greedy
this season than ever to place their mon
ey on this kind of mortgages. The Ia
bor disturbances has frightened capital
lists from investing in any enterprise
which they have neither the admitted
power nor right to control. Nor are
they anxious to invest it in buildings to
rent, as the advance in labor makes build
ings cost to much to rent protitably. So
they are seeking something safe and per-
manent And there are so many active
and plausible agents in the field solici~
ting opportunities to loan money that
the country is becoming more and more
thatched over with mortgages.
There are probably dozen large loan
agencies in Des Moines, one of which,
for example, it is said, has over four
million dollars loaned on farm mortgages.
One agent Informed us that he had placed
over $50, GOO in the last month, and that
he had this summer effected a loan of
$50 900 to one farmer in this State We
know one private individual citizen
of Connecticut, who has one million of
| dollars invested in Iowa farm mortgages.
| This is all wrong. 1t is impossible for
farmers to make this borrowed capital. OF
which $50, 0O0, 900 is a partial representa-
tive of the borrowed money in Iowa, an
active capital SO as to pay interest and a
reasonable profit. But city and country
are going miiG on credit. A debt on city,
OF on the farms of the country. are with
ering curses on the happiness and pros
perity of the people. No ds5tridaen peo
pie acere eper happy or any more respectabl
by making gaudy sho,o IN Paced streets
fine bridges, snowy public buildings, any
more than farmers living in large houses
and riding in fine carriages, with mort
cages on all or them Men ,olto lire IN Z
7noitgaged city. or live on y mortgaged
farm, are all partial slaves, and the deb
Is always canker to their happiness ant
prosperity.
The parties who make these loans arc
not to be censured for seeking such SAFE
nvestments.